As follow up to our recent webcast on the topic, MMM has continued to monitor the Model Regulation Requiring Annual Audited Financial Reports. Passed by the NAIC on June 11, 2006, the Model Audit Rule (the "MAR") is scheduled to be applicable to financial statement preparation effective with accounting periods beginning on January 1, 2010. The MAR must still be promulgated by domestic state regulators before becoming effective.
Additional information regarding the MAR and Draft Implementation Guide are available via links provided below.
To keep you apprised of changes in this area, MMM will continue to follow the MAR and Draft Implementation Guide developments and disseminate important information by regularly updating this page. We are readily available to provide assistance with any related compliance issues. Please contact Ward Bondurant or Chris Petersen if you have any questions regarding the MAR or its implementation.
Annual Financial Reporting Model Regulation Conference
IS Partners, LLC and Interactive Solutions, LLC, national providers of business advisory services to America’s insurance companies, hosted a conference in Philadelphia, Pennsylvania on September 25th and September 26th to discuss a new audit requirement affecting all major insurance companies throughout the United States. The Annual Financial Reporting Model Regulation, or the Model Audit Rule, adopts key elements of the Sarbanes-Oxley Act of 2002 and asserts these requirements on private insurance companies under state regulation expected to take effect in the year 2011. This new audit requirement has sweeping and comprehensive implications to the multi-billion dollar insurance industry. All 50 states including the District of Columbia will be impacted by the Rule adopted by the National Association of Insurance Commissioners (“NAIC”), which is comprised by all state insurance commissioners in the country.
The conference included expert speakers from several federal and state government agencies, as well as those from the private sector, including:
- Public Companies Accounting and Oversight Board (PCAOB)
- Securities and Exchange Commission
- Pennsylvania Department of Insurance
- New Jersey Department of Banking and Insurance
- Deloitte US
- Morris, Manning & Martin, LLP
Location: The two-day conference was held at the
Union League of Philadelphia, an historic building located in the theater district of downtown Philadelphia. The Union League is located at 140 South Broad Street.
Event Date(s): September 25-26
Attorney: Ward S. Bondurant
MMM Webcast on new NAIC Audit Rules:
Sarbanes-Oxley for the Smaller Insurer
Atlanta (April 2006) -
A free webcast, developed to assist insurance industry professionals in understanding the impact of the new NAIC Model Audit Rules on privately-held stock and mutual insurers, was conducted by Ward Bondurant and Chris Petersen on April 19, 2006.
MMM Featured speaker at ACLI Forum 500 Leadership Retreat
Ponte Vedra, Florida (May 2006) -
Ward Bondurant and Chris Petersen presented on the proposed Model Audit Rules - Sarbanes-Oxley's Impact on Insurers (Stock and Mutual) at the Forum 500 Group Leadership Retreat of the American Council of Life Insurers, May,2006.
